What Do I Need To Start Investing Today?
I get this question a lot: What Do I Need To Start Investing Today?
The first thing you’ll need is education.
You must first invest in your education.
You’ll need $10000 to start investing and then you can add three to five hundred dollars each month to build up your portfolio.
Next you’ll need a trading account. You can open two trading accounts one from TD Ameritrade and one from Interactive Brokers.
This way you can take advantage of the low trading fee from Interactive Brokers and get free access to the professional trading software from T.D. Ameritrade.
And finally you’ll need a laptop with an internet connection to start buying and selling stocks. Make sure you avoid making a trade when you’re on your mobile only use mobile apps for monitoring your stocks performance and reading market news.
Comments ( 2 )
I wish I had read this many years ago when I was putting off investing thinking I needed ten times the amount of money that I actually did. Had I know all along that for 10k i could have gotten started and seen some very satisfying returns WHILE LEARNING then that would have saved me some costly mistakes because when I did get the money I went through quite a bit and in actual fact had to do a stop loss.
Then when I started to look at what I had, make a proper plan of learning, as well as start effectively saving and investing those savings, well then my finances started to soar.
It is so TRUE! Actually to start investing you need very little. Start by investing in your education first, in fact if you show up in this game with lots of money to start with unless you get very lucky you will lose money.
And even if you buy into the market at a good time you will still lose money because you will not know when to sell and you will be blinded by fear and greed.
So just start by learning everything you can about investing and studying the market, the conditions, where we are in the market cycle and go from there.